Investment Rating - The report suggests a focus on undervalued leaders in the shipbuilding sector, particularly China Shipbuilding, and highlights potential investment opportunities in industrial gases and engineering machinery [3][9]. Core Insights - The global new ship price index showed a slight increase of 0.22% in June 2025, indicating a marginal improvement in industry sentiment [3][22]. - China Shipbuilding's H1 2025 net profit is projected to be between 2.8 billion to 3.1 billion yuan, reflecting a year-on-year growth of 98.25% to 119.49%, showcasing strong performance and capacity for profit release [3][22]. - Industrial gas prices have returned to positive year-on-year growth, driven by structural demand improvements and low inventory levels, with a significant increase in pipeline gas revenue expected for Hangzhou Oxygen [3][22]. - The engineering machinery sector is experiencing a robust upward trend, with excavator sales in June 2025 reaching 18,804 units, a year-on-year increase of 13.3% [3][36]. Summary by Sections General Machinery - The general machinery sector continues to face pressure, with the manufacturing PMI at 49.7%, indicating contraction [24]. Engineering Machinery - The engineering machinery sector shows resilience, with domestic excavator sales increasing by 6.2% and exports by 19.3% in June 2025 [3][36]. Shipbuilding - The shipbuilding sector is witnessing a slowdown in decline, with the new ship price index indicating a recovery trend [3][44]. Oilfield Equipment - The oilfield equipment sector is stabilizing at the bottom, with global rig counts rising to over 1,600 units, reflecting a recovery in demand [3][47]. Industrial Gases - The industrial gases sector is expected to perform well in Q3 2025, benefiting from previous maintenance and low base effects [3][55]. Gas Turbines - The gas turbine industry is on a steady upward trajectory, with significant order growth reported for leading companies [3][57].

Core Viewpoint - The company expects continued growth in domestic earthmoving machinery market demand in the second half of the year, with overall sales of excavators and loaders projected to achieve double-digit year-on-year growth [1] Industry Summary - Economic fiscal policy environment and various structural demands will create opportunities for the industry [1] - The international market faces challenges from a resurgence of global trade protectionism, with overall demand still in a bottoming phase [1] - A gradual recovery is anticipated by 2026, with ongoing regional differentiation [1] - Growth in emerging markets is expected to remain resilient, driven by trends in new energy and technological upgrades, while development opportunities in mature markets are also worth noting [1]

Investment Rating - The report maintains an "Overweight" rating for the engineering machinery and shipbuilding sectors, emphasizing the importance of new technology iterations in lithium battery equipment opportunities [1]. Core Insights - The engineering machinery sector shows resilience in domestic sales and continued high demand for exports, with excavator sales in June 2025 reaching 18,804 units, a year-on-year increase of 13% [2]. - The shipbuilding industry is experiencing a recovery in sentiment, with a significant increase in the order backlog, and Chinese shipbuilding companies are expected to see substantial profit growth in the first half of 2025 [3]. - The solid-state battery equipment sector is in a trial production phase, with equipment manufacturers actively validating and iterating technologies, anticipating a large-scale verification period in the second half of 2025 [3][20]. - The railway transportation sector is benefiting from steady growth in fixed asset investment, with China Railway's profits expected to increase significantly in the first half of 2025 [4]. Summary by Sections Engineering Machinery - Domestic excavator sales in June 2025 reached 8,136 units, a 6% year-on-year increase, while exports totaled 10,668 units, up 19% [2]. - The sector is expected to maintain considerable growth due to government funding and increasing demand from emerging markets [2]. Shipbuilding Industry - The new ship price index remains high, with a 20% year-on-year increase in the order backlog [3]. - Chinese shipbuilding companies are projected to achieve net profits of 2.8 to 3.1 billion yuan in the first half of 2025, marking a year-on-year growth of 98% to 119% [3]. Solid-State Battery Equipment - The solid-state battery sector is expected to enter a large-scale verification phase in late 2025, with significant demand for new equipment arising from the transition to dry processing methods [20][21]. - Key players in the solid-state battery equipment market include leading suppliers like Xian Dao Intelligent and Hangke Technology [22]. Railway Transportation - As of May 2025, China's railway fixed asset investment reached 242.1 billion yuan, a 6% year-on-year increase [4]. - China Railway is expected to report a net profit of 6.72 to 7.56 billion yuan in the first half of 2025, reflecting a year-on-year growth of 60% to 80% [4].

Core Viewpoint - LiuGong (000528) reported growth in both revenue and profit in the European region for the first half of the year, indicating a positive outlook for its overseas market development [1] Group 1: Financial Performance - The company's revenue and profit in the European region increased year-on-year in the first half of the year [1] Group 2: Strategic Initiatives - LiuGong is enhancing its sales and channel network in key markets [1] - The company is transitioning from an international strategy to a global strategy, focusing on localizing its operations through supply chain, global R&D centers, sales networks, financial services, and manufacturing bases [1] - This strategic shift aims to ensure stable and high-quality growth in overseas business [1]

Core Viewpoint - Noli Intelligent Equipment Co., Ltd. is focusing on upgrading from traditional manual handling vehicles to new energy vehicles and further expanding into embodied intelligent robots, aiming to provide higher quality products and services [2][3]. Company Overview - Noli Intelligent Equipment Co., Ltd. was established in 2000, with its main production base located in Changxing, Zhejiang [3]. - The company has overseas production capabilities, having established factories in Malaysia in 2013 and Vietnam in 2019, becoming the first forklift manufacturer in the industry to have overseas production capacity [3]. - Noli was listed in 2015 and has since focused on the development of Automated Guided Vehicles (AGVs) in collaboration with Shanghai Jiao Tong University [3]. Recent Developments - The company held an investor conference call on July 3, 2025, discussing its strategic direction and future plans [2]. - The ongoing construction of the fifth phase factory in Changxing is expected to have a total capacity of 50,000 large vehicles, with the first phase of 30,000 vehicles anticipated to be completed in the fourth quarter of this year [2][4]. - Noli has been actively pursuing the development of embodied intelligent logistics robots and has hired robotics experts while collaborating with Zhejiang University’s Robotics Research Institute [2][3]. Financial Performance - In the previous year, the company reported revenue exceeding 6.9 billion RMB, with the forklift segment contributing 3.7 billion RMB, and the integrated segment generating approximately 3.2 billion RMB [3]. - The acquisition of Zhongding Intelligent in 2016 and the acquisition of French company SAVOYE in 2019 have been pivotal in transforming Noli into a comprehensive logistics production solution provider [3]. Market Position - As of July 11, 2025, Noli's stock price reached 22.75 RMB, reflecting a 6.16% increase from the previous week, with a market capitalization of 5.86 billion RMB [1]. - The company ranks 17th out of 28 in the engineering machinery sector and 2669th out of 5149 in the overall A-share market [1].

Financial Performance - The company expects a net profit of approximately CNY 1.18 to 1.28 billion for the first half of 2025, representing a year-on-year growth of 20% to 30% [3] - The domestic earthmoving machinery industry has shown significant recovery, with excavator domestic sales increasing by 22.9% and loader domestic sales increasing by 23.2% in the first half of 2025 [3] Market Outlook - The domestic market for earthmoving machinery is anticipated to continue its growth momentum, with overall industry sales expected to achieve double-digit year-on-year growth [3] - The international market is facing challenges due to global trade protectionism, but is expected to gradually recover in 2026, with emerging markets showing resilience [3] Corporate Governance - The company's board restructuring has not altered its strategic execution, market-oriented operations, or incentive mechanisms, maintaining a focus on enhancing market competitiveness and shareholder returns [4] Incentive Plans - The company has exceeded its performance assessment indicators for 2024, with the first phase of the stock option incentive plan set to unlock on July 14, 2025 [5] - A market-oriented executive compensation system is in place to strengthen management execution and promote long-term growth in operational performance and market value [5] International Strategy - The company has seen growth in revenue and profit in the European market, focusing on enhancing sales and channel networks while promoting ESG initiatives and electric, intelligent products [6] - Future plans include upgrading from an international strategy to a global strategy, ensuring stable and high-quality growth in overseas markets through localized supply chains and R&D centers [7] Competitive Landscape - The domestic electric loader market is experiencing increased price competition, with the company maintaining a higher price level for electric loaders due to its technological advantages [8] - The company advocates for healthy competition in the industry, emphasizing the importance of technological innovation and product quality for sustainable development [8]

Group 1 - The company expects an upward trend in operating performance for the period from January 1, 2025, to June 30, 2025 [1] - The main reasons for the change in net profit attributable to shareholders and net profit after deducting non-recurring gains and losses include a recovery in the domestic market driven by economic stabilization policies, product upgrades, and accelerated growth in the earth-moving machinery industry [1] - The company's main products, including loaders, excavators, and road machinery, have achieved rapid growth due to the favorable market conditions [1] Group 2 - The international market is currently in a demand bottoming phase, presenting challenges for the company [1] - The company is implementing a "three-full" strategy focusing on comprehensive solutions, full automation, and full internationalization to address market competition and environmental challenges [1] - Both domestic and international business revenues and profits have shown stable growth as a result of the company's innovative practices and strategic upgrades [1]

Investment Rating - The report maintains a "Positive" investment rating for the machinery industry [10]. Core Insights - In June, domestic excavator sales in China increased by 6.2% year-on-year, marking a return to growth after a slight decline in May. The total domestic sales for the first half of 2025 reached 65,637 units, up 22.9% year-on-year. The upward trend in the domestic market is expected to continue due to factors such as equipment replacement cycles, labor substitution, and electrification [2][6][15]. - Export volumes for excavators in June surged by 19.3% year-on-year, with a notable acceleration compared to May. The total export volume for the first half of 2025 was 54,883 units, reflecting a 10.2% increase year-on-year. The growth in exports is supported by the increasing global competitiveness of domestic brands and favorable conditions in emerging markets [2][22][24]. Summary by Sections Domestic Sales - In June, excavator domestic sales reached 8,136 units, a 6.2% increase year-on-year, reversing the slight decline seen in May. The average working hours for major construction machinery in June were 77.2 hours, down 9.11% year-on-year, and the average operating rate was 56.9%, a decrease of 7.55 percentage points year-on-year. The recovery in domestic sales reflects a low base after significant declines and an increasing trend in equipment replacement [2][15][17][19]. Export Performance - The export volume of excavators in June was 10,668 units, representing a 19.3% year-on-year increase and a significant acceleration from May. The first half of 2025 saw a total export of 54,883 units, up 10.2% year-on-year. The growth in exports is driven by strong demand in emerging markets, with notable increases in regions such as Africa and Indonesia [2][22][24][30]. Market Outlook - The report anticipates a clear upward trend in the domestic machinery industry, supported by the need for equipment updates, the push for infrastructure projects, and the increasing penetration of electrification. The export market is also expected to see sustained growth, with domestic brands enhancing their global competitiveness and emerging markets showing robust demand [2][30].

证券代码：600984 证券简称：建设机械 公告编号：2025-042 陕西建设机械股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司的净利润为-44,700 万元左右。 一、本期业绩预告情况 （一）业绩预告期间 （二）业绩预告情况 万元左右。 （三）本次业绩预告未经注册会计师审计，注册会计师未对公司本期业绩预告是否 适当和审慎出具专项说明。 二、上年同期业绩情况 （一）归属于上市公司股东的净利润：-42,112.16 万元。归属于上市公司股东的扣 除非经常性损益的净利润：-42,291.77 万元。 （二）每股收益：-0.3350 元。 （一）主营业务影响 面积减少、项目开工率不足等因素，设备利用率和设备租赁价格仍处于低位水平徘徊。 以上因素导致公司半年度利润出现亏损。 （二）非经营性损益的影响 非经常性损益对本期业绩没有重大影响。 （三）会计处理的影响 会计处理对本期业绩没有重大影响。 四、风险提示 公司本次业绩预告未经注册会计师审计，且注册会计师未对公司本期业绩预亏是否 适当和审慎出具专项 ...

建设机械（600984）公告，公司预计2025年半年度归属于上市公司的净利润为-4.47亿元左右，归属于 上市公司股东扣除非经常性损益后的净利润为-4.51亿元左右。2024年同期归属于上市公司股东的净利 润为-4.21亿元，扣除非经常性损益的净利润为-4.23亿元。 ...